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30 Dec 2014
Gold ticks up as USD rally fizzles
FXStreet (Mumbai) - Gold prices on Comex continued its upward trajectory and firmed in the mid-European session, as the US dollar weakened against its major counterparts.
Currently, gold trades at USD 1188/Oz, up 0.52% on the day, having posted intraday high at 1190.60 levels. Gold prices remains supported after Greek concerns exacerbated amid falling global equities. Market expectations that the yellow metal may fetch higher yields as safe-haven appeal returns, also pushed gold prices higher.
In addition, the US dollar index, measuring the relative strength of the greenback against a basket of six major currencies, declined -0.21% to 90.35.
Gold Technical Levels
The metal has an immediate resistance at 1192.30 (Dec 7 High), above which gains could be extended to 1199.10 (Dec 26 High) levels. Meanwhile, support stands at 1178.60 (Dec 29 Low), below which doors could open for 1170.70 (Dec 22 Close) levels.
Currently, gold trades at USD 1188/Oz, up 0.52% on the day, having posted intraday high at 1190.60 levels. Gold prices remains supported after Greek concerns exacerbated amid falling global equities. Market expectations that the yellow metal may fetch higher yields as safe-haven appeal returns, also pushed gold prices higher.
In addition, the US dollar index, measuring the relative strength of the greenback against a basket of six major currencies, declined -0.21% to 90.35.
Gold Technical Levels
The metal has an immediate resistance at 1192.30 (Dec 7 High), above which gains could be extended to 1199.10 (Dec 26 High) levels. Meanwhile, support stands at 1178.60 (Dec 29 Low), below which doors could open for 1170.70 (Dec 22 Close) levels.